Over the past few weeks I have been inundated with concerned clients, past clients and others, asking my opinion regarding the likely impact of COVID-19 on the world economy, our South African economy and ultimately on South African businesses in the main. As a Business and Executive coach of medium to large business owners and executives, I have become all the more aware of how the two extremes of how we face most issues are dangerous. Like all matters of fundamentalism, it is likely to take us down the wrong path ultimately. Circumspection is required, taking in factual information available (as opposed to Social Media posts), and primarily using common sense. Yet there is no doubt that a somewhat different strategic approach to business is needed here.
On the one hand we have the panic-stricken, social media, face-value knee-jerkers (those who flock to supermarkets in parts of the world to panic-buy the likes of, of all things, toilet paper), stock up their bomb shelters (probably built for post apocalypse First Democratic Elections in SA in 1994) tins of bully beef and baked beans, stop going out, close their schools, cancel events, stop eating out and place containers over their heads. On the other hand, those who believe that this is merely a passing phase flu virus, and merely carry on as per usual. These extreme approaches are both extremely dangerous. Not only is it dangerous to the potential health of others with lower immune systems around us (elderly parents, sick children, heart conditions, people living with HIV-AIDS or Tuberculosis - of which there are many in SA, and many close to us either as family, friends or staff), but also because one’s business and all those who rely on its existence, (staff, families of staff, suppliers, clients, consumers, shareholders, etc.), are likely to be most affected by the business owner’s lack of decisive action. The chain reaction to this in any economy can and will be dire.
So what action is required? Well, for each business there is a different answer in terms of tactics, but what is clear is that we all need to now create a decisive set of strategies for ‘what if’ scenarios, and to position ourselves to minimise the threats, whilst identifying and taking advantage (not in the morbid sense), of opportunities that are likely to present themselves accordingly. e.g. one of my clients is in the consumer and business-to-business meats industry (providing meal solutions to a large loyal client base country-wide and globally). Here an opportunity may exist to boost their Internet Shopping Site profile ahead of current strategy, for the likely increase in on-line shopping, in the event of loyal clients deciding to stay away from public places, especially their stores and supermarkets. Another example; an advertising agency; here an opportunity exists to perhaps set most staff up at home, with professional Job Descriptions, standard operating procedures (SOPs) and adequate KPI measures in place, to ensure productivity. This is the way of the future (if not currently already so, if one lives in a city like Cape Town). Not only is this approach forging a different form of leadership approach to one of empowerment and trust, (as opposed to micro-management), but an opportunity to hire better people who seek flexibility in their working hours (e.g. single parents). Not to mention the enormous upside in the savings on overhead costs (e.g. office rent/space, office furniture, cleaning, even coffee and tea). One can see therefore that these are not merely short-term strategic options, but rather options that will enable future business growth and profitability at the same time.
The point is, don’t panic, but also don’t be complacent. Whether we like it or not, this virus, rightly or wrongly, will change behaviours, and not merely temporarily. However, with change comes opportunity for those open to it and prepared for it. My suggestion therefore, is to work with your business coach (if you have one, if you don’t find a good one), pull your team of thinkers together, and spend a day or part of a day, planning a set of clear cut strategies, preferably ones that will stand the test of time whether Coronavirus has a major impact or not. If nothing else, this may just be the opportunity to make some tough decisions you may have been putting off, take some calculated risks and stay well ahead of the rest of the flock.
There is little doubt that events such as this one, will leave in its wake piles of once borderline, unprofitable and poorly led businesses. Those that didn’t plan and those that didn’t take this by the horns and run with it in a positive way. It is those businesses that not only survive such a potential crisis, but those that come out the other-side better prepared and more adaptable to fast, global changes, that will be the sustainable ones into the future. It is my hope and mission to ensure that all of my clients at least, are in that boat.
So, instead of Blaming, making Excuses later and living in Denial (B.E.D – where you may as well pack up and stay at home with the covers over your head), there is an opportunity for you as business owner to take Ownership, be Accountable and most importantly be Responsible (O.A.R – providing you the necessary paddle to take you down the river of sustainable success). The choice is firmly in your hands. Use it wisely..
[by Greg Castle – Business & Executive Coach – gregcastle@actioncoach.com]
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